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CBO Finds Reid Plan $0.5 Trillion Short Of $2.7 Trillion Promised; Actual Cuts Are $375 Billion
Zero Hedge ^ | 7/27/2011 | Zero Hedge

Posted on 07/27/2011 9:17:52 AM PDT by Nobel_1

The CBO has just released its analysis of his so-called "Reid plan", which will only generate $2.2 trillion in savings, half a trillion short of the promised $2.7 trillion. But wait, it gets far, far more idiotic. Per the CBO "The caps on appropriations of new budget authority excluding war-related funding start at $1,045 billion in 2012 and reach $1,228 billion in 2021" - that's right: savings from not fighting future wars - a cool trillion.

But wait there's more: "The legislation also would impose caps of $127 billion for 2012 and $450 billion over the 2013-2021 period on budget authority for operations in Afghanistan and Iraq and for similar activities." But wait, there' even more: "Savings in discretionary spending would amount to nearly $1.8 trillion, mandatory spending would be reduced by $41 billion, and the savings in interest on the public debt because of the lower deficits would come to $375 billion."

Gotta love the circularity: less interest payments are part of the actual deficit cuts! So, here's the math: of the $2.2 trillion in "savings" strip away non-savings from non-authorized "wars" and you get... $750 billion... and take out the $375 billion in, no really, interest savings, and you get... $375 billion. OVER TEN YEARS!

(Excerpt) Read more at zerohedge.com ...


TOPICS:
KEYWORDS: cbo; debt; debtceiling; debtlimit; deficit; donothingsenate; partyofnoplan; reid
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Usual Washington gimmics, custom-tailored for the evening news ...
1 posted on 07/27/2011 9:17:57 AM PDT by Nobel_1
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To: Nobel_1

I am shocked.

Shocked, I tell you!!

*Cue the cute baby Orangutan pic.

May God give us strength.
Tatt


2 posted on 07/27/2011 9:22:43 AM PDT by thesearethetimes... ("Courage, is fear that has said its prayers." DorothyBernard)
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To: Nobel_1

DEms preside over hughest run-up in debt ever.. Media feigns indifference

No Film , News, Commentary, zip nada,, at 11.


3 posted on 07/27/2011 9:25:35 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: Nobel_1

And watch the “worshippers” start calling their congress people telling them to pass the “president’s plan”.

I saw a congressman from Utah who said he was getting calls to pass the president’s plan and his staff is telling them the president has no plan. See how stupid the people are? This is what we’re up against. I’d rather fight an army of soldiers than an army of idiots.


4 posted on 07/27/2011 9:27:07 AM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: Nobel_1
that's right: savings from not fighting future wars - a cool trillion.

Didn't they already claim that money for the stimulus and Obomacare?

5 posted on 07/27/2011 9:31:40 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: Nobel_1

Women and minorities hit worst.

Pray for America


6 posted on 07/27/2011 9:33:16 AM PDT by bray (Palin is the DC Nightmare)
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To: concerned about politics

Since it’s all fictional, they can claim it as many times they want for whatever they want, thank you!


7 posted on 07/27/2011 9:37:27 AM PDT by livius
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To: Nobel_1

CBO proves what we already knew. Hairy Reid is a damned liar.


8 posted on 07/27/2011 9:40:45 AM PDT by Grunthor (Faster than the speed of smell.)
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To: Nobel_1; All

Apparently conservatives are outside the Senate right now trying to revive CCB.

Interesting.


9 posted on 07/27/2011 9:48:17 AM PDT by rwfromkansas ("Carve your name on hearts, not marble." - C.H. Spurgeon)
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To: livius

Ok, STEP BACK.

When are we all going to get real and tell the beggars in this American society that the PAYERS are sick to death and are really in no way on the hook for continuing to pay everyone’s way in life.

I mean — SORRY — It’s OUR money we’re talking about!!

You mean to tell me this fund and that fund is broke? That you’ve spent all your wad? Well, that’s YOUR problem!! Shoulda planned for it.

WE should be calling the shots. We’re PAYING!!

WE should decide what gets cut — what we really don’t want to finance anymore and what we want to continue with. If you’re on the begging side, why do YOU get to dictate where the money should be spent??

And I don’t mean only welfare folks ..I mean EVERYONE and every single last entity which needs the cash of others to continue . . .and dare I say it, even our military activities are included. We MUST cut our spending. We have NOTHING LEFT. No more room to give except on what is absolutely necessary.

Why? BECAUSE PAYERS SAY SO!!


10 posted on 07/27/2011 9:49:02 AM PDT by LibsRJerks
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To: Nobel_1

I’m worried about a guy who seems to suggest he can discuss financial matters, who believes that interest payments decreases do not count as spending cuts.

Where does he think government gets the money to pay interest? From the interest fairy?


11 posted on 07/27/2011 9:52:34 AM PDT by CharlesWayneCT
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To: LibsRJerks

Come on people pony up the dough there are people on welfare counting on us. The definition of rich is all those not living off the obama gravy train. If you are not on welfare then you are the rich. Not hard to understand


12 posted on 07/27/2011 9:56:32 AM PDT by silentknight
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To: Grunthor

“CBO proves what we already knew. Hairy Reid is a damned liar.”

So??? It’s not like ANYONE is going to do anything about it.

He KNOWS the lib base will continue to swallow his load, no matter how many lies he tells them, and that the largely Gay media will cover for him because he has a (D) after his name, so WHY SHOULD HE CARE?

Nothing matters to his base but the CURRENT TRUTH, and if that has changed since yesterday, so be it.


13 posted on 07/27/2011 9:58:39 AM PDT by tcrlaf (PREFRONTAL LOBOTOMISTS FOR OBAMA2012!)
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To: LibsRJerks

If you are not on welfare then you are part of the problem. Didn’t you get the memo geeeesh


14 posted on 07/27/2011 9:58:46 AM PDT by silentknight
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To: tcrlaf

“and that the largely Gay media”

What the heck does “gay” have to do with it?


15 posted on 07/27/2011 10:05:37 AM PDT by Grunthor (Faster than the speed of smell.)
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To: Grunthor

Been documented on FR for a decade....


16 posted on 07/27/2011 10:09:54 AM PDT by tcrlaf (PREFRONTAL LOBOTOMISTS FOR OBAMA2012!)
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To: CharlesWayneCT
I’m worried about a guy who seems to suggest he can discuss financial matters, who believes that interest payments decreases do not count as spending cuts.

Where does he think government gets the money to pay interest? From the interest fairy?


I'm not a fancy accountant, but I would rate a decrease in future interest payments as a “reduction in outlay” not a “spending” cut.

When I spend, I usually get something in return - interest is getting the the ability to spend more now...:^)

17 posted on 07/27/2011 10:10:31 AM PDT by az_gila
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To: Terry Mross

Re: Zero’s army of idiots

yep ... big army, but getting smaller. I heard a guy ask on the radio today “when is Congress ‘done’”, as in “ceases to exist” (so that Zero will be unfettered in his destructive quest).


18 posted on 07/27/2011 10:26:34 AM PDT by Nobel_1 (bring on the Patriots!)
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To: Nobel_1

Reid’s an ass.


19 posted on 07/27/2011 10:46:21 AM PDT by b4its2late ("Pray for Obama. Psalm 109:8")
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20 posted on 07/27/2011 11:24:28 AM PDT by devolve (. . . . . . . . . . . . Fat & Furious - Burger & Fries Queen*s 1700+ calorie lunches . . . . .)
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